Investor interest in the precious metal was diminished after Morgan Stanley (MS) slashed its 2014 average price target for gold to $1,160 per ounce, down 11.6% from its previous outlook. The bank also cut its average gold price forecast for 2015 by 12.5%. Morgan Stanley analysts indicated that gold would continue to fade as long as U.S. equities climb.

Gold futures for February delivery sank 0.3% to $1,238.60 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,243.50 and as low as $1,237.40. Bullion closed in London at $1,238, according to BullionVault.

Silver futures for March delivery dipped 0.2%, to $19.84 per ounce. Wednesday’s high for silver was $19.94, while the low was $19.77.